Price Performance Following Share-Repurchase Announcements by Closed-End Funds

被引：5

作者：

Akhigbe, Aigbe ^{[1
]}

Kim, Doseong ^{[2
]}

Madura, Jeff ^{[3
]}

机构：

[1] Univ Akron, Akron, OH 44325 USA

[2] Sogang Univ, Coll Business Adm, 1 Shinsu Dong, Seoul 121742, South Korea

[3] Florida Atlantic Univ, Boca Raton, FL 33431 USA

来源：

FINANCIAL REVIEW | 2007年 / 42卷 / 04期

关键词：

share repurchase; closed-end funds; mutual fund performance;

D O I：

10.1111/j.1540-6288.2007.00182.x

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

We investigate the price performance of closed-end funds that announce share-repurchase programs. Closed-end funds experience positive average stock-price reactions to the announcements. The long-run buy-and-hold abnormal returns of repurchasing funds over the subsequent three years are significantly higher than a nonrepurchasing control sample matched by size, type, investment style and geographic diversification. Funds with larger discounts, international funds, equity funds, and funds that announce larger repurchases or frequently announce repurchases, experience more positive stock-price reactions. Except for larger repurchases, the same characteristics are associated with more positive long-run buy-and-hold returns.

引用

页码：537 / 555

页数：19

共 16 条

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